Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.

Sunday, March 16, 2008

Real Estate Number from MRIS February 2008

The new monthly numbers for February 2008 are out from the MRIS (Metropolitan Regional Information Systems) the multiple listing service for the area. YoY = Year over Year, that is the comparison between February 2008 and February 2007. These numbers include all housing units ( not just single family residences but also condos and co-ops). These are for housing units listed on the MRIS's MLS (and thus do not include some foreclosures or private sales, or many new home sales).

The housing market in the Washington and Baltimore area has been declining in the Washington, DC for about 2 years. Thus the year over year comparisons only represent a portion of the declining housing market.

For more numbers on jurisdictions not mentioned here please go to MRIS Market Statistics.

These numbers show a declining housing market in the Washington - Baltimore area compared to last year. For every jurisdiction listed inventory remains elevated and sales remain low.

The Washington - Baltimore area is not recovering from the housing decline. Prices continue to fall. Far out suburbs and condos are experiencing larger price declines. In the metropolitan area a declining housing market is reality. For real estate, this spring's real estate season will not see increasing prices. Housing busts usually last many, many years. Further price declines are coming this year.

The government should take draconian measures like a creating a repo market to hide bank losses ? Or maybe draconian measures like bailing out home speculators because they might incur a loss? I recently read an article called "Does the National Association of Realtors really need an economist?" you can check it out at:www.brokerforyou.com/brokerforyou

I'm finding the first "Bank Owned" properties where I want to buy. The properties I desire? No. Not yet. I'm sure there will be a comment that the best places won't go down. Fine... substitution always works in real estate. :)

Anonymous is exactly right. We sold in February 2008 in zip code 20009 (Dupont Circle) and very Very few single family houses sold. All it takes is one high-end multi-million dollar house to warp the statistics. The mid-tier (which in this zip code is high-end condos and the small to mid-sized row houses (under 3300 sq ft) --- well in that market, I can assure you the prices were pushed down. Hard.

I've often thought they should provide the MEDIAN market price, not the average market price. In this way, the expensive outliers wouldn't warp prices as they do.